Top reasons for Putney Vale lease extension

Why you should start your Putney Vale lease extension today:

A Putney Vale leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Putney Vale you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Putney Vale with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not issue a mortgage on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Putney Vale were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Putney Vale lease extensions?

Using our service will provide you increased control over the value of your Putney Vale leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Putney Vale Lease Extension Case Summaries:

Hunter, Putney Vale, South West London,

Hunter owned a studio flat in Putney Vale on the market with a lease of just over 61 years unexpired. Hunter informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Hunter to invoke his statutory right. Hunter procured expert advice and secured satisfactory deal without going to tribunal and sell the flat.

Putney Vale case:

Mr and Mrs. W Johnson took over the lease of a one bedroom flat in Putney Vale in July 2002. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical residencies in Putney Vale with 100 year plus lease were valued around £208,600. The mid-range amount of ground rent was £60 collected quarterly. The lease ended in 2083. Given that there were 57 years left we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.